CBIC warned the public about the rumors flying around regarding GST rates, said- wait for this date to get a clear picture

GST Reform: The Central Board of Indirect Taxes and Customs on Tuesday urged people and media organizations to refrain from speculating on the reduction in the rates of Goods and Services Tax (GST). In a post on X, also known as Twitter, he said that this decision will be announced after the GST Council meeting to be held on September 3 and 4.

CBIC said on the social media platform X, "Avoid speculation on GST rates (GST Reforms Rates). The decision on this will be taken by the GST Council, which is proposed to meet on September 3 and 4 and all the parties are advised to wait for official announcements." The government agency further said, "Premature speculation spreads baseless rumors and can create instability in the market." This statement from CBIC has been issued at a time when many reports are constantly coming out regarding the possible rates of GST. Due to this, a lot of volatility is also being seen in the market.

PM Modi had announced to reduce GST rates

Prime Minister Narendra Modi had announced to reduce GST rates on 15 August. In a speech from the Red Fort on Independence Day, PM Modi indicated extensive changes in the GST system and said, "This Diwali, I am going to celebrate a double Diwali for you. The countrymen are going to get a big gift, there will be a huge reduction in GST on common household items." PM Modi stressed the urgent need to review GST rates and called it the need of the hour. He announced, GST rates will be reduced drastically. Tax will be reduced for the common people. PM Modi has made this announcement at a time when the country has completed eight years of GST implementation, making it one of India's most important tax reforms since independence. Since its introduction in 2017, GST has integrated the country's indirect tax structure and significantly improved the ease of doing business, especially for small and medium enterprises.